I. Introduction
vIRL Commerce is a new means of buying and selling physical items using NFT technology on the WAX blockchain. A physical product is assigned an NFT counterpart which entitles the holder to ‘redeem’ the item (having it physically sent to them) or to trade it.
i. Where did vIRL Commerce come from?
vIRL stands for ‘virtual In Real Life’. The concept was originally outlined in the WAX Whitepaper in August 2019, and has been part of the WAX protocol since its launch. The technology is patented by WAX, and has attracted partnerships with major brands such as Hot Wheels, Garbage Pail Kids, FUNKO, and the band Weezer.
ii. Where Can I Find vIRL NFTs?
vIRL NFTs exist on the WAX blockchain and can be traded on any WAX marketplace. Be advised that the vast majority of NFTs on WAX are not vIRL. The best way to acquire vIRL NFTs is straight from the issuer, and they tend to sell out fast. If you want to be updated with all the latest vIRL offerings, we recommend subscribing to the following sources:
III. What are the Benefits of vIRL?
vIRL commerce has the potential to reshape how we do business, saving on the waste of unnecessary shipping, and helping to contribute to a greener economy!
One of the most obvious benefits of vIRL technology is in gift-giving. We’ve all been there: you receive a gift you just don’t want, and have to go through the time-consuming and resource intsensive process of returning it. With vIRL, that’s made easy: no more shipping or filling out return forms – just sell the NFT back on, and you’re done! You could even hold on to it (if you think it might accrue value) without it taking up any space in your home.
vIRL NFTs also have great utility for collectors. Instead of storing boxed collectibles all around your house, exposing them to damage or theft, you can just keep them in your WAX wallet!
IV. What is the Future of vIRL?
What we are witnessing now is only the beginning of the tokenization of physical objects. The applications of vIRL commerce are so wide-reaching that we anticipate the technology becoming synonymous with retail. Any product of value might have an associated vIRL NFT that could track everything from its authenticity to sales history, enabling seamless exchange.
V. Summary
The future has arrived with vIRL technology. So next time you’re looking for a collectible or buying a gift, why not make it vIRL? The planet will thank you, and so will the recipient of the gift – even and especially if you got them the wrong thing. Everybody wins!